Bequests

One of the best-known and most frequent methods of making a gift to Linfield College is through your will.  Your will, drafted properly and kept current, may be the most important legal document you will ever possess.  Through your will you make certain that relatives, friends, and favorite charities are remembered -- exactly as you decide during your lifetime.

Your bequest can be your final statement about what you believe to be important and worthwhile, such as delivering excellence in undergraduate education at Linfield College.

Facts:

• Bequest: A direction in a Will to pay or distribute personal property.
• A bequest can be made to heirs and/or charity.
• A Bequest is also known as a Legacy.
• There are several types of bequests available for use in wills and living trusts.
• A bequest is a revocable gift as you are able to amend or revoke your will anytime until your death.
• The wording in your will can be as simple as:
• "I hereby give ___% (or a specific amount, or a percent of the remainder) of my estate to Linfield College."

Types of Bequests

Contingent Bequest:

A bequest made under certain circumstances, usually a specific event must take place. For example:

“I bequeath $50,000 to Linfield College at the conclusion of construction of the music building.”

Endowed Bequest:

A bequest restricting your gift be held permanently in the general college endowment, using only the investment income generated for annual dispersal. For example:

“I give $100,000 to Linfield College to be added to the endowment.”

General Bequest:

A bequest made for a specific amount of money. For example:

“I give $10,000 to Linfield College.”

Memorial or Honorary Bequest:

A bequest made in memory or honor of a loved one. If the bequest is of appropriate size, a memorial bequest is a wonderful way to create an endowed scholarship. For example:

“I give $200,000 to Linfield College in memory of my parents Joe and Betty Smith for the creation of the Smith endowed scholarship for students majoring in Biology at Linfield College.”

Residuary Bequest:

A bequest designating the remainder of the estate, after debts and taxes have been paid, be given to an individual or charity.

Restricted Bequest:

A bequest designating a specific area at Linfield College the contribution is to be used for.

Unrestricted Bequest:

A bequest intended to be used for general purposes as directed by the Board of Trustees at Linfield College. This type of bequest is the most common and allows the college to determine the wisest need for the contribution.

Tips for Bequests

When including an organization in your will, it is important inform them of your intentions, especially if the bequest is restricted. This is important for two reasons:

• To ensure your intent can be followed upon receipt of the gift.
• To allow the organization to honor you during your lifetime by becoming a member of their legacy program. At Linfield College we honor our known bequests through the Founders’ Society.

Keep your will up to date as it is one of the most important documents you can possess, especially for your heirs.

A will must be in writing and type written. (Oral and handwritten wills are acceptable in some states, but for special reasons.)

All pages of the will should be numbered and stapled together to assure that nothing is misplaced or lost.

You must sign your will. There must be a competent and disinterested witness when signing your will.

Having your will notarized can also be important and required in some states. 

For further information on charitable planned giving, contact Craig Haisch '95, director of planned giving, by email or at 503-883-2675.

This information provided on this website is not intended as legal, investment or tax advice.  We strongly encourage you to contact your financial professionals when making a charitable contribution.